Useful Information
General
| Currency | Icelandic krona (ISK) |
| Capital city | Reykjavik |
| Language | Icelandic / English / Nordic languages |
| Time zone | GMT - 1 |
| Electricity | 220V / 50Hz |
| Fiscal year | 1st Jan - 31st Dec |
| Telephone code | + 354 |
| Internet code | .is |
| Lowest point | Atlantic Ocean (0m) |
| Highest point | Hvannadalshnukur (2110m) |
| Approx. area | 39,768 square miles |
Tax
Residents of Iceland pay tax on their worldwide income. Non residents pay tax only on Icelandic sourced income. Tax treaties with other countries ensure that the same income will not be taxed twice in relation to those other countries.
The income tax rate is 24.1%. In addition there is a municipal income tax rate of 11.24% to 13.28%.
Deductions
Personal allowance of ISK 506 per day.
Social Security
Individuals do not pay a separate premium for national insurance, but the employer pays 5.34% business tax. This finances annuity insurance, unemployment insurance and the maternity leave fund.
Statutory required premiums for annuity funds are 4% employee contributions and 8% employer contributions.
Healthcare
Individuals have to have been resident in Iceland for six months to entitle them to health insurance, although this requirement is met if you are from an EEA member state and are regarded as having health insurance coverage in your home country.
Liberty Bishop
Unit A1, Basepoint Business & Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire, LU2 8DL
